In his welcome remarks at the Islamic Finance News Singapore Roadshow, Ng Nam Sin, Assistant Managing Director of the Monetary Authority of Singapore (MAS), pointed out that, despite the expiry of certain tax incentives, Singapore is still looking to develop the city's Islamic finance capabilities by ensuring it a level playing field with conventional financial products.
To ensure that level playing field between Islamic finance and conventional financial products, he said that Singapore "has recognized the unique characteristics of the former in both regulatory and tax treatments. We have ensured the neutrality of the rules insofar as Islamic financing is similar to conventional financing in economic substance and risks. Where the structures are unique, we have and will continue to work closely with industry stakeholders to ensure that level playing field is preserved."..............................................Full Article: Source